| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15798 |
| DP15798 Fire Sale Risk and Credit | |
| Dion Bongaerts; Francesco Mazzola; Wolf Wagner | |
| 发表日期 | 2021-02-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper examines whether the risk of a future collateral fire sale affects lending decisions. We study US mortgage applications and exploit exogenous variation in foreclosure frictions for identification. We find lenders to be less likely to approve mortgages when anticipated losses due to uncoordinated collateral liquidations are high, and when there iselevated risk of joint collateral liquidation. These results suggest that fire-sale risk has implications for credit allocation, and that lenders' collective origination decisions mitigate fire sale risk ex-post. However, we also find the effects to be significantly weaker outside periods in which fire sales are salient. |
| 主题 | Financial Economics |
| 关键词 | Fire sales Credit supply Foreclosure laws Creditor concentration Joint liquidation risk Collateral |
| URL | https://cepr.org/publications/dp15798 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544798 |
| 推荐引用方式 GB/T 7714 | Dion Bongaerts,Francesco Mazzola,Wolf Wagner. DP15798 Fire Sale Risk and Credit. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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